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kkupfer
New Member

Roth IRA Contribution

My wife has a side gig and is compensated (earned income). There is no W-2.  I listed the income under Miscellaneous income.   After I entered a Roth IRA contribution the software told be I had an excess contribution.  Is a Roth contribution only allowed on W-2 income?

 

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2 Replies

Roth IRA Contribution

The side gig is earned income which will allow a Roth contribution. But you have to report that income. She is self employed so must complete Schedule C. 

dmertz
Level 15

Roth IRA Contribution

This needs to be reported as income from self-employment, not miscellaneous income.

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